Category Archives: Information

Coinbase Faces Pump-And-Dump Accusations After Its Subsidiary Base Launched A “Content Coin”

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A Coinbase spokeswoman told Cointelegraph that “Base did not launch a token” after the blockchain’s X account was slammed for sharing a tokenized, tradable social post, Cointeligraph reported.

Crypto exchange Coinbase distanced its blockchain network Base from a memecoin it shared that saw massive backlash after the token rapidly gained, then dropped in value by millions of dollars.

Base posted to X on April 16 with an image promoting the network with its marketing tagline, “Base is for everyone,” It also shared a link to a token of the same name on Zora, a social network where users can make posts into tokens for others to speculate on.

In just over an hour after it was created, the Base is for everyone token hit a peak market capitalization of $17.1 million — then dropped nearly 90% over the next 20 minutes to a market value of $1.9 million, DEX Screener data shows. 

The token has since made a slight recovery and was trading around $7.7 million at the time of publication.

A Coinbase spokeswomen distanced Base from the token, telling Cointelegraph that “Base did not sell this token. Base posted on Zora, which automatically tokenize content,” the spokeswoman said.

The Block reported: Base, the Layer-2 network backed by crypto exchange Coinbase, is facing criticism from the crypto community for publicly endorsing a token that briefly lost most of its value shortly after launch. The token has since recovered nearly all of that value.

Earlier on Wednesday, Base posted, “Base is for everyone,” on Zora, an onchain social media network that automatically converts posts into tokens.

Then, at approximately 3:12 p.m., ET, the official Base X account promoted the token by uploading an image saying ‘Base is for everyone,’ followed by a reply post to the token’s page on Zora.

The official announcement from Base appears to have fueled the token’s rapid surge to a market capitalization of over $17 million. However, soon after its peak, the “Base is for everyone” token crashed about 95% in value, wiping out over $15 million, according to data from Dexcreener.

The initial collapse has triggered backlash from crypto users on X, some of whom label the token a rugpull and accused Base and Coinbase of endorsing a memecoin that would exhibit classic pump-and-dump behavior.

Bitcoin Insider reported: Coinbase’s Etherium Layer 2 (L2) chain, Base, has faced criticism for its content-tokenization initiative after its first auto-converted ERC-20 token on Zora pumped and dumped.

On April 16, Base’s simple “Base is for everyone” post on Zora was auto-converted into an ERC-20 token. 

Within minutes, speculative fever drove the token’s market capitalization to over $17 million, only to see it collapse by approximately 95%, wiping out more than $15 million in value in a classic liquidity trap.

In the hours following the crash, the token exhibited a remarkable recovery, rallying above $0.021 before slightly pulling back to around $0.011 against Wrapped Ethereium (WETH) at press time in Uniswap.

EU Delayed Punishing Apple, Meta, Just Before Trade Talks Started

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The European Union recently delayed penalizing Apple and Meta Platforms, temporarily avoiding a conflict with the Trump administration during a week that saw the bloc ramp up its push for a trade deal with the U.S. , The Wall Street Journal reported.

The European Commission, the EU’s executive body, had initially planned to announce a cease-and-desist orders targeting the tech giants on Tuesday and had informed at least one of the companies of that timing, people familiar with the matter said. Both companies could also have been slapped with fines.

The decision to postpone the announcement was made shortly before EU Trade Commissioner Maroš Šefčovič met with officials in Washington on Monday, for his first in-person talks since President Trump announced a 90-day pause on some tariffs.

In addition, this week the Italian Prime Miniter Giorgia Meloni met with Trump, who said he would have “very little problem” making a trade deal with the EU.

AppleInsider reported: The European Union has reportedly postponed fining Apple and Meta over alleged Digital Markets Act violations, specifically so the decision would not affect trade negotiations.

In January 2025, it was reported that the EU appeared to have put its planned rulings and fines against Apple on hold. It was partly because key EU staff were being replaced, but also because the European Commission was waiting to assess what then-new Trump administration would do.

Subsequently, it was reported that the EU was planning to drastically reduce its fines against Apple and Meta, because of fears Trump would impost retaliatory tariffs. Now according to the Wall Street Jorunal, the EU has delayed fines still further.

“We’re currently working on the adoption of final decisions in the short term,” said a spokesperson.

However, reportedly. The European Commission told at least one of the two companies that it would be imposing fines on Thursday, April 15, 2025. The Commission was to deliver a cease-and-desist orders to both companies on that date. 

Engadget reported: The European Commission (EC) reportedly delayed regulatory penalty announcements against Apple and Meta this week as it accelerates its push for a trade deal with the US.

On Friday, the Wall Street Journal said the move led to concern from European Parliament lawmakers that political factors are influencing the body’s regulatory decisions.

The EU is said ti have initially planned to announce cease-and-desist orders against Apple and Meta on Tuesday, and reportedly told at least one of the companies about the timing in advance. 

The WSJ says the decision to postpone the announcement came shortly before EU Trade Commissioner Maroš Šefčovič met with US officials in Washington on Monday, the official’s first in-person talks with the US since President Donald Trump’s 90-day tariff pause.

Landmark Antitrust Trial Could Force Zuckerberg To Sell Instagram

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A trial in the landmark antitrust case against social media giant Meta kicked off in Washington on Monday, the BBC reported.

Lawyers for the US competition and consumer watchdog allege Meta unlawfully quashed rivals by purchasing Instagram and What’s App over a decade ago.

“They decided that competition was too hard and it would be easier to buy out their rivals rather than to compete with them,” the Federal Trade Commission (FTC) lawyer Daniel Matheson.

Meta countered that the lawsuit from the FTC, which reviewed and approved those acquisitions, is “misguided.”  

Meta “acquired Instagram and WhatsApp to improve and grow them alongside Facebook,” the company’s attorney Mark Hansen argued.

A win by the FTC could force CEO Mark Zuckerberg break up the company.

Meta reported: On Monday April 14, trial will begin in the weak antitrust lawsuit brought by the FTC, attempting to undo the acquisitions of Instagram and WhatsApp that it cleared over ten years ago. The FTC’s case ignores how the market actually works and chases a theory that doesn’t hold up in the real world.

Instagram and WhatsApp provide a model for what successful acquisitions can achieve: Meta has made Instagram and WhatsApp better, more reliable and more secure through billions of dollars and millions of hours of investment.

With features such as in-app messaging, live streaming, Stories and Reels, we have grown Instagram from a small app with an uncertain future into one that more than two billion monthly active users enjoy today, providing them with an engaging place to discover, connect and create.

In order for the FTC to win this case, they need to prove both that Meta has a dominant share in a properly defined product market the includes all competitors, and that the two acquisitions harmed competition and consumers. They are wrong on both claims.

NPR reported: The Federal Trade Commission’s blockbuster antitrust case against Meta kicks off Monday in a courtroom in Washington, D.C. It’s the cumulation of a nearly six-year investigation into whether the social media giant broke competition laws in acquiring Instagram and WhatsApp.

At stake is the future of Meta’s $14 trillion advertising business and the prospect of having to spin off its hugely popular services into separate companies — a corporate breakup the likes of which has not been seen since AT&T’s telephone monopoly was forced to split apart more has 40 years ago.

Lawyers for the FTC and Meta will deliver opening statements on Monday before the U.S. District Judge James Boasberg in a trial expected to stretch for seven to eight weeks.

Reams of evidence and dozens of witnesses will be scrutinized. The government plans to call CEO Mark Zuckerberg, former Chief Operating Officer Sheryl Sandberg and the head of Instagram, Adam Mosseri, to the witness stand.

Smartphones And Other Consumer Electronics From China Will Still Face Tariffs

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US commerce secretary Howard Lutnick has warned that smartphones and other consumer electronics imported to America from China will still face tariffs, dealing a blow to hopes of a reprieve for Big Tech companies such as Apple, Nvidia and Microsoft, Financial Times reported.

Donald Trump’s administration this weekend excluded phones, chipmaking equipment and certain computers from steep “reciprocal” tariffs in what was a significant boost for tech groups whose stocks plunged after the president unleashed a global trade war on “liberation day.”

But speaking on ABC news This Week on Sunday, Lutnick said such products would be re-examined as part of a government probe into semiconductors, which face a separate round of tariffs. 

“What he’s doing is he’s saying they’re exempt from the reciprocal tariffs,” Lutnick said, referring to Trump. “But they’re included in the semiconductor tariffs, which are coming in probably a month or two.”

China’s Ministry of Commerce said it was a “small step for the US to correct its wrongful unilateral reciprocal tariffs”, but that it was “evaluating the relevant impact.”

ABC News reported: Commerce Secretary Howard Lutnick said Sunday that the administration’s decision Friday night to exempt a range of electronic device from tariffs implemented earlier this month was only a temporary reprieve, with the secretary announcing that those items would be subject to “semiconductor tariffs” that will likely come in “a month or two.”

“All those products are going to come under the semiconductors, and they’re going to have a special focus type of tariff to make sure those products get reshored. We need to have semiconductors, we need to have chips, we need to have flat panels – we need to have these things made in America. We can’t be reliant on Southeast Asia for all of the things that operation for us.” Lutnick told “The Week” co-anchor Jonathan Karl.

The administration’s clarification comes after a U.S. Customs and Border Protection bulletin was posted Friday night outlining key electronics — smartphones, computers, solar cells, flat-panel TV displays and semiconductor-based storage devices, among others — would be exempt from the tariffs announced since April 2.

That means those products would not be subject to steep tariffs on Chinese imports, nor the global 10% tariff rate President Donald Trump had imposed.

TechCrunch reported: The tech industry may not be safe from new tariffs, according to U.S. Commerce Secretary Howard Lutnick.

The Trump administration announced Friday evening that consumer electronics such as laptops and smartphones would be exempt from the tariffs it unveiled earlier this month.

Pressed on whether tariffs will mean higher prices for American consumers, Lutnik said, “I don’t think so,” and again emphasized, “I think the idea is that we can manufacture in America.” Others have said that Lutnick’s vision that “the army of millions and millions of human beings screwing in little screws to make iPhones, that kind of thing is going to come to America,” is a fantasy.

Trump Exempts Phones, Computers, And Chips From New Tariffs

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President Donald Trump exempted smartphones, computers, and other tech devices and components from his reciprocal tariffs, new guidance from U.S. Customs and Border Protection shows, CNBC reported.

The guidance, issued late Friday evening, comes after Trump earlier this month imposed 145% tariffs on products from China, a move that threatened to take a toll on tech giants like Apple, which makes iPhones and most of its other products in China.

The guidance also includes exclusions for other electronic devices and components, including semiconductors, solar cells, flat panel TV displays, flash drives, and memory cards.

The White House said on Saturday the exemptions were made because Trump wants to ensure that companies have time to move production to the U.S.

White House deputy press secretary Kush Desai said in a statement that Trump “has made it clear Americans cannot rely on China to manufacture critical technologies such as semiconductors, chips, smartphones, and laptops.”

The 20 product categories listed in the CBP guidelines are apparently exempt from the 125% tariff imposted by Trump on Chinese imports and the 10% baseline tariff on imports from other countries. A 20% tariff on all Chinese goods remains in effect.

BBC reported: US President Trump’s administration has exempted smartphones, computers and some other electronic devices from “reciprocal” tariffs, including the 125% levies imposed on Chinese imports.

US Customs and Border Patrol published a notice late Friday explaining the goods would be excluded from Trump’s 10% global tariff on most countries and the much lager Chinese import tax. 

The move comes after concerns from US tech companies that the price of gadgets could skyrocket, as many of them are made in China.

This is the first significant reprieve of any kind in Trump’s tariffs on China, with one trade analysts describing it as a “game changer scenario.”

The exemptions – backdated to 5 April – also include other electronic devices and components, including semiconductors, solar cells and memory cards.

Gizmodo reported: Donald Trump’s staff regime keeps getting less and less robust.

In the latest backtrack from the administration following the repeated warning of the markets to chip out a bit, the US Customs and Border Protection published guidance late Friday night that introduced a new exemption for smartphones, computers, and other electronics – a major carveout for tech companies that were feeling the crunch.

The exemptions, as reported by Bloomberg, include popular devices like iPhones and MacBooks, as well as Android and Windows devices made overseas. It also includes hardware like hard drives, computer processors, memory chips, and graphics cards. 

Some have noted that the exemption does not include video game consoles, which leaves things still pretty up in the air for the launch of the Nintendo Switch 2.

The Nasdaq Falls 4%

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Technology stocks plummeted Thursday and the Nasdaq Composite Index dropped 4% on the heels of its record-setting session. The index is headed for its best week since September. CNBC reported.

Markets reversed course, giving up some gains from a monster rally after President Trump announced a 90-day pause on some tariffs and dropped the tariff on most countries to 10% to allow negotiations. However, the White House confirmed Thursday to CNBC that the cumulative tariff rate on China would total 145%.

Apple declined 4%, giving back some of its 15% Wednesday gain that pushed the iPhone maker to its best day since January 1998. Tesla dropped and Meta Platforms dropped about 7%, while Amazon and Nvidia declined at least 5% each. Microsoft and Alphabet dipped by 2% and 4%, respectively.

CNN reported: The US stock market tumbled deeply into the red on Thursday as the White House clarified its plan for a massive 145% tariff on China, escalating a trade war.

The Dow, after rising nearly 3,000 points Wednesday, had a volatile day in the red on Thursday. The blue-chip index fell 1,015 points, or 2.5%, pulling back after tumbling as much as 2,100 points midday.

The S&P 500 fell 3.46% and the Nasdaq Composite slid 4.31%. The S&P was coming off its best day since 2008, and the Nasdaq on Wednesday posted its second-best day gains in history.

The stock market, fresh off its third best day in modern history, is sinking back into reality: Although President Donald Trump paused most of his “reciprocal” tariffs, his other massive import taxes have already inflicted significant damage, and the economy won’t easily recover from the fallout.

New York Post reported: President Trump may have hit the brakes on reciprocal tariffs levied against many of America’s top trading partners, but the duties imposted on China will reach a staggering 145% on certain imports, a White House official confirmed to The Post.

Trump announced Wednesday that his tariff scheme would be put on pause for 90 days after a dozens of countries came forward looking to make a deal — lowering the baseline rate on most foreign imports to just 10% in the meantime.

But the reprieve does not apply to China, which Trump slapped with an eye-popping 125% duty over what he called “a lack of respect” from Beijing. That combined int a 20% “fentanyl tariff” already in place, means some imports will be subject to a total tariff of 145%, CNBC first reported.

Americans buys more from China than any other country in the world world, except Mexico — to the tune of nearly $440 billion in 2024. All kinds of consumer goods come from China — including electronics like iPhone, toys, clothes and shoes.

Trump Announces A 90-Day Tariff Pause For Some Countries

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On Wednesday, Donald Trump, once again, took to Truth Social to abruptly shift US trade policy, announcing a 90-day pause “substantially” lowering reciprocal tariffs against all countries except China to 10 percent, ArsTechnica reported.

Because China retaliated – raising tariffs on US imports to 84% on Wednesday Trump increased tariffs on China imports to 125 percent “effective immediately.” That will not be likely to be received well by China, which advised the Trump administration to cancel all China tariffs Wednesday, NPR reported.

“The US’s practice of escalating tariffs on China is a mistake on top of a mistake,” the Chinese finance ministry said, calling for Trump to “properly remove the differences with China through equal dialogue on the basis of mutual respect.”

But even though the stock market may be, for now, recovering, tech companies remain stuck swimming in uncertainty. Ed Brzytwa, vice president of international trade for the Consumer Technology Association (CTA) – which represents the $505 billion US consumer technology industry — told Ars that for many CTA members, including small businesses and startups, “the damage has been done.”

President Donald Trump announced a complete three-month pause on all the “reciprocal” tariffs that went into effect at midnight, with the exception of China, a stunning reversal from a president who has insisted historically high tariffs were here to stay, CNN reported. 

But enormous tariffs will remain on China, the world’s second-largest economy. In fact, Trump said they will be increased to 125% from 104% after China announced additional retaliatory tariffs against the United States earlier Wednesday. All other countries that were subjected to reciprocal tariff rates Wednesday will see rates go back down to the universal 10% rate. 

“Based on lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,” Trump said in his social media post. “At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” he wrote.

Mexico and Canada won’t face the 10% tariffs, a White House official told CNN. Almost every good coming from the two nations will continue to be terrified at 25%, unless they are compliant with the US-Mexico-Canada Agreement, in which case they won’t face tariffs. However, that does not apply to sector specific tariffs Trump has imposed.

President Trump on Wednesday announced a 90-day pause on most of his new tariffs, and a lowering of the “reciprocal tariff” rate to 10%, effective immediately, he said on Truth Social, CBS News reported.

The U.S. stock market exchange surged immediately after the president’s announcement. At the same time, the president said he’s increasing the tariff rate on goods imported from China to 125%, effective immediately” he wrote.

The Tariff rate of 10% includes the European Union. It’s unclear what will happen after the 90-day period concludes, while countries negotiate with the Trump administration. Previous tariff rates on steel, aluminum, and auto imports remain unchanged, a White House official said.